Record prices push Southern California home sales 35% below average

"Southern California's homebuying collapse continues with the second-slowest selling June on record as house hunters shied from record-high pricing. That's what my trusty spreadsheet found by reviewing sales data from Attom for Los Angeles, Orange, Riverside, San Bernardino, San Diego and Ventura counties. These stats cover a broad range of closed transactions - houses and condos, both existing residences and new construction - and go back to 2005."

"How slow? Southern Californians bought 14,445 homes in June. Yes, it's up 3% from a year ago. Yet it's 35% below the 21-year average. Think about the depth of the slump. The only June with fewer sales going back 21 years was last year. So, since 2005, Southern California's worst Junes were the past two years - that's fewer sales than even in the depths of the Great Recession."

Southern California recorded the second-slowest June for home sales in 21 years, with 14,445 homes sold, up 3% year-over-year but 35% below the 21-year average. The only June with fewer sales since 2005 was last year, making the past two Junes the worst on record and worse than the Great Recession. Total sales across the six counties reached 83,357 in the first half of the year, the third-worst first-half tally since 2005. The region's median selling price for June hit $835,000, up 3% year-over-year and surpassing the prior high. Higher mortgage rates have reduced affordability.

Read at The Mercury News